Monmouth County Real Estate Lawyer Christine Matus Explains Closing Costs in an NJ Real Estate Transaction
April 14, 2022 at 16:06
Monmouth County real estate lawyer Christine Matus releases a new blog post (https://matuslaw.com/who-pays-real-estate-closing-costs-new-jersey/) that discusses who will pay the closing costs of a real estate transaction in New Jersey. The lawyer mentions that closing costs should be taken into consideration when someone sells or buys a New Jersey property.
According to the Monmouth County real estate lawyer, "closing costs is a generic term used for anything that gets paid over and above the purchase price, usually at the end of the transaction, the so-called closing table. Although some closing costs can be negotiable between a buyer and seller, most are typically paid by one or the other."
The lawyer explains that closing costs are typically paid by or credited to the buyer by the seller. Common costs that the seller pays at closing are mortgage payoff, real property commissions, taxes or stamps as well as well wanted inspection. A seller may also have to pay for prorated adjustment for property taxes for the year, and prorated adjustment for any homeowners association dues and transfer fees.
Additionally, the buyer's closing costs depend on whether the buyer is getting a mortgage, who the lender is, and what type of loan it is. Typically, closing costs paid by the buyer are costs associated with closing and title insurance, costs associated with the mortgage, inspection costs, escrow for homeowners insurance, escrow for property taxes, or Mansion tax (if applicable).
In the article, attorney Matus further explains that depending on the lender used by the buyer, a seller could pay a portion of the buyer's closing costs. The majority of loans allow sellers to contribute some money towards the buyer's closing costs. This amount can vary depending on whether the mortgage is for 3 percent or 6 percent.
The lawyer also adds that in most cases, the market will determine whether a seller chooses to contribute to a buyer's closing costs. In a real estate market, the seller may be able to offer to offset a buyer's costs or offer other concessions to attract buyers.
Lastly, the real estate attorney emphasizes the importance of having a skilled lawyer when it comes to real estate transactions. Having an experienced attorney may be able to help the client understand their rights in the transaction and what steps they should take next.
About The Matus Law Group
The Matus Law Group has a team of real estate attorneys committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their real estate needs. Call The Matus Law Group today at (732) 785-4453.
For more information about Matus Law Group - Monmouth County, contact the company here:
Matus Law Group - Monmouth County
125 Half Mile Rd Red Bank, NJ 07701